How do I enter partnership basis information on k1 into a 1040?
Total Views: 56
I have a partnership with negative basis with heavy losses and low income tax credits over a period of 2004-2008. Client wants me to amend all the returns, but I understand that b/c the basis is negative they cannot realize the losses. I don't see any place in my PS 2004 software K1 worksheet to enter this (I don't see any place in the 08 version either)
I have entered all the data, but b/c the basis is missing results will not be correct.
I see you can enter this information on the final k1 (disposition worksheet) but none of these years are finals, obviously.
Thanks!
Solved!
Solved!
There is no place for basis on the k-1 w/s, only the 6198 for at-risk basis. You should keep a free-standing basis w/s and carry it forward into every year's file for future reference.
